The legendary Nine-In-a-Row manager resigned from the position after another weekend of bitter boardroom backstabbing following the return of disgraced former chief executive Charles Green.

Rangers made the announcement on their Twitter account this afternoon saying: "Rangers announces that Walter Smith has today resigned from his position as Chairman and a director of the Company with immediate effect."

Record Sport revealed Smith was outvoted by his fellow directors over Green’s appointment as an Ibrox ‘consultant’ and this new development – coupled with the Yorkshireman’s latest public attack on boss Ally McCoist – has pushed the 65-year-old to the edge.

Smith battled in vain to keep the club’s broken board together since replacing the ousted Malcolm Murray on May 30. But he had never been comfortable in the position and had been left isolated by the decision to bring Green back.

That move came on Friday 24 hours after billionaire Jim McColl launched a bid to overthrow Green's cohorts from the board and replace them with Paul Murray and businessman Frank Blin.

Charles Green could now push to be reappointed to the board and may even try to land the chairman's role.

That would further undermine the position of McCoist who hit out at Green after his side lost to Forfar on Saturday.